BOW-WOW!:

The above title is the best way I can describe last week's Best Of Wyckoff seminar (please see www.tsaasf.org for details); my figuring estimates that the mostly filled large auditorium at GGU received approximately $500 worth of trading information based on faculty instruction class fees for a ridiculously low $5, $25 for non-members, more for CE credits for CFPs. 

Much of the material presented was about trader behavior and risk, especially by GGU Professor and one-time partner of Martin Pring's management group, Bruce Fraser echoing the thought that everything we learn in life is diametrically opposed to what you need to do in successful trading - making the tough decisions (similar to what Congress and the government is currently facing). 

Although the overall feeling ( Wyckoff, pt.& figure, etc.) was Bullish, few of the Indicators are now reflecting that: the newsletter surveys - the Inv.Intelligence Bull/Bear ratio is an incredulous over 50 to under 20, although we see the AAII switching within 2 weeks from + 18 to - 14 inversion (see below) in direct contrast. 

Other indications of a very strong market needing a pause include the Bullish % creeping up to the record high at 83% of stocks on a BUY signal and the NY new highs at 247 to...2. All else is rather tepid, for now. 

Volume remains a mystery with the dark pools off the radar, 5 low price stocks commanding incredible volume (30% of the NYSE alone). 

Encyclopedist Thomas Bulkowski even sees the failure rate of the most common chart formations rising recently, albeit from a very low level over 20 years. 

Here are the statistics: 

MktSentiment	8/28/2009	Prev. Week	5 Year HI	5 Year LOW
DJIA:	9544	9505	14093	6626
Nasdaq:	2028	2020	2810	1114
S&P 500:	1028	1026	1561	683
CBOE Eq. put/call:	58	55	96-10/08	46-1/03
VIX:	24.3	25.0	90	8.8
McClellan Osc:	-3	25	108	-100
McClellan Sum:	1345	1302	1568	-1514
Newsletter Surveys
Investors Intel.
Bull:	51.5	48.3	63	22.2
Bear:	19.8	23.1	54.4	16
AAII
Bull:	34.0	51.0	n/a
Bear:	48.5	33.0	n/a
Nova/Ursa Mutual Funds:	0.95	0.84	2.2	0.56
Baltic Dry Index:	2421	2468	11700	663
Bullish %:	83	81	88	2
Insider Corporate Sellers:	21:1	16:1	108:1	2.4:1
Mutual Fund Inflows:	0.4B	0
ETF Inflows:	3.8B	-1B

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